Buying a home can be stressful for a lot of people, but it's not very complex with a little planning ahead of time.
So you understand exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to barbara.iskowitz@comcast.net. I'm glad to answer questions you have regarding this information.
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Step 1 – Prepare to buy a home
Before you commence your home search, there are many things you need to consider.
When you start your search, you'll want to make a check list of features you want to have, get a feel for what school districts you'd like to live in, and start working on your budget.
A good guideline to go by is that your mortgage payment should be less than a third of your monthly income.
Step 2 – Communicate with a real estate agent
That's where I come in.
We can set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the East Brunswick area.
I can also assist you with getting started on your loan.
Barbara Iskowitz-Coldwell Banker works with some of the best mortgage professionals in East Brunswick, so you'll be in great hands.
They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start your home search
Following our initial meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll get a sneak peek of many of the homes and remove the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as bad ones. I'll also ask you to talk about things you like and dislike.
Oftentimes, buyers amend their list of must-haves as we tour homes and some features become more important than others.
If that's the situation, I'll search all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the East Brunswick home market is a crucial advantage in your house search. I am informed of all the neighborhoods and school districts, and I will let you know some neighborhoods are "hot" and require prompt action and others that are "cold" and allow for careful analysis.
As we tour homes, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Any real estate agent will claim to truly know the market.
If things don't add up, contact me at (732) 254-3750 or e-mail me at barbara.iskowitz@comcast.net, and I'd be more than happy to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in the East Brunswick area. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as getting financing, finishing the inspection, and a clear title.
When submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property. The amount is typically applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's pretty common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Secure financing
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all. But you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks good.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will likely be a smooth and easygoing event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at (732) 254-3750 or send me an e-mail.